Uday Punj (HUF), New Delhi ITO WARD - 32(2), New Delhi

Last updated: 17 December 2020

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This appeal concerns Uday Punj (HUF) challenging an addition of Rs. 28,64,419/- made by the Income Tax Officer (ITO) under Section 14A of the Income Tax Act, read with Rule 8D. The assessee's appeal against the ITO's order, which confirmed this addition, was dismissed by the CIT(A). The core of the appeal is that the addition was made incorrectly and against the facts of the case.

Court :
ITAT New Delhi

Brief :
This appeal is filed by the Assessee - Uday Punj (HUF) against the order of the Ld. CIT(A)-11, New Delhi dated15.01.2020 for the assessment year 2016-17 whereinthe appeal filed by the assessee against the order of theITO, Ward 32(2), New Delhi passed u/s. 143(3) of the I.T. Act, 1961 on 29.12.2018 making the addition of Rs. 28,64,419/- u/s. 14A of the Act read with Rule 8D was dismissed and the above addition was confirmed.

Citation :
ITA NO. 643/DEL/2020

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH: ‘SMC-I’, NEW DELHI

BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER
AND
SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER
(THROUGH VIDEO CONFERENCE)

ITA NO. 643/DEL/2020
A.Y. : 2016-17

UDAY PUNJ (HUF),
CHIMES-55, SULTANPUR
FARMS,
NEW DELHI – 110030
(PAN: AAAHU0518H)
(Appellant)

Vs.

ITO, WARD 32(2),
NEW DELHI
(Respondent)

ORDER

PER H.S. SIDHU, JM:

01. This appeal is filed by the Assessee - Uday Punj (HUF) against the order of the Ld. CIT(A)-11, New Delhi dated15.01.2020 for the assessment year 2016-17 whereinthe appeal filed by the assessee against the order of theITO, Ward 32(2), New Delhi passed u/s. 143(3) of the I.T. Act, 1961 on 29.12.2018 making the addition of Rs. 28,64,419/- u/s. 14A of the Act read with Rule 8D was dismissed and the above addition was confirmed.

02. The assessee has challenged the order by raising the following ground:-

“The Ld. AO erred in fact and in law in making anaddition of Rs. 28,64,419/- which is not only bad in law but also against the facts and circumstances of the case.”

03. The brief facts of the case are that assessee is an individual who filed his return of income on 13.09.2016declaring total income of Rs. 10,18,970/-. Assessee has also shown Short Term Capital Loss of Rs. 88,18,782/- which was carried forward for set off. The case was selected for limited scrutiny under CASS for verification of following items:-

To know more in details find the attachment file